Group 1 - The core point of the news is that Giant Star Legend Group Limited plans to acquire a 1.17% stake in National Stadium Co., Ltd. through its subsidiary, reflecting the government's encouragement for private capital to participate in major public facility operations [1][2] - National Stadium Co., Ltd. is the main entity responsible for the construction and operation of the National Stadium ("Bird's Nest"), which is a significant national project and an internationally recognized cultural landmark [1] - The acquisition aligns with the company's strategic development direction, leveraging the unique asset of the Bird's Nest to enhance collaboration in large-scale cultural and sports events and IP resource integration [2] Group 2 - The acquisition is seen as a positive attempt at mixed-ownership reform in the cultural and sports sector, indicating a shift towards greater involvement of private enterprises in public infrastructure [1] - Giant Star Legend has established a leading position in the creation, operation, and commercialization of celebrity IP, which will be further enhanced through this acquisition [2] - The partnership is expected to create positive benefits for the group's long-term development by improving its capabilities in IP value transformation and industry synergy [2]

Group 1 - The target company is the construction and operation entity of the National Stadium (Bird's Nest), with approximately 53.23% of its shares held by Beijing State-owned Assets Management Co., Ltd. [1] - The board of directors of Giant Star Legend believes that the Bird's Nest, as a rare landmark asset, will enable more collaboration in large-scale cultural and sports events and IP resource integration through the acquisition [1] - The acquisition is expected to enhance the group's capabilities in IP value transformation and industrial synergy, creating positive benefits for the group's long-term development [1] Group 2 - On September 16, Giant Star Legend announced through the Hong Kong Stock Exchange that its wholly-owned subsidiary, Xing Chuang Yi (Kunshan) Cultural Entertainment Co., Ltd., has entered into a share acquisition agreement [3] - According to the agreement, Xing Chuang Yi will conditionally acquire approximately 1.17% of the shares of the National Stadium Limited Liability Company, corresponding to a registered capital of approximately 24 million yuan that has been fully paid [3]

Group 1 - The company, Giant Star Legend (06683.HK), announced a conditional equity acquisition agreement to purchase approximately 1.17% of the equity of the National Stadium Limited, corresponding to a registered capital of about RMB 24.3 million [1] - The target company, established on December 17, 2003, is primarily engaged in the investment, construction, and operation management of the National Stadium project, which is a significant cultural and sports landmark in China [1] - The target company is owned approximately 53.23% by Beijing State-owned Assets Management Co., Ltd., and is the main entity responsible for the construction and operation of the "Bird's Nest," a key national project with substantial influence in major sports events and tourism [1] Group 2 - The group possesses industry-leading advantages in the creation, operation, and commercialization of star IPs, having developed a comprehensive IP matrix and content incubation capabilities [2] - The board believes that the acquisition aligns with the company's strategic development direction, allowing for enhanced collaboration in large-scale cultural and sports events and IP resource integration [2] - The acquisition of the Bird's Nest, a rare landmark asset, is expected to improve the group's capabilities in IP value transformation and industrial synergy, creating positive long-term benefits for the group [2]

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The report highlights the release of the "Consumption Boost Special Action Plan," which emphasizes the importance of cultural and sports consumption, particularly in gaming and esports. The plan supports the development of original IP in animation, games, and esports, aiming to enhance derivative product consumption and expand the domestic market for national brands [1][2] - The policy encourages the integration of traditional cultural elements into gaming IP, enhancing user engagement and commercialization opportunities through esports events. It also promotes the development of derivative products, facilitating monetization pathways for gaming IP through physical merchandise and theme parks [1] - The report suggests that the policy will inject vitality into the entertainment industry by addressing both supply-side (approval streamlining, scene innovation) and demand-side (IP consumption, national brand promotion) factors. Companies that can integrate culture, technology, and consumption are expected to benefit significantly from these policy incentives [2] Summary by Sections Industry Dynamics - The report notes a significant decline in the industry, with a drop of 29% from March 2024 to March 2025, compared to the CSI 300 index [4] Investment Recommendations - The report recommends focusing on companies with strong capabilities in cross-industry resource integration and rapid overseas expansion, including Tencent Holdings, NetEase, Perfect World, and others [2]